The crypto world just got a sharp slap of reality. With the rapid rise of quantum computing, the security blanket around Bitcoin may not be as snug as we thought. One company, Project Eleven, isn’t waiting around to find out the hard way. They’ve just pulled in $6 million to get ahead of the curve, aiming to protect Bitcoin and other digital currencies before quantum tech blows the locks off current encryption.
Image 1: (Source: X)
Money Talks—and This One Speaks Volumes
The funding round was led by Variant Fund, a name that rings bells in Web3 circles. Joining the fray was Quantonation, a big player in quantum tech investment. Interestingly, this is Quantonation’s first toe-dip into crypto—a sign that even traditional tech investors are starting to clock the quantum-shaped elephant in the room.
Their move signals a growing concern: as quantum machines get smarter, our digital defences could be outgunned. Encryptions we trust today might be child’s play tomorrow. So, Project Eleven’s mission is simple—stop the bad guys before they get the keys to the vault.
Why Bitcoin Might Be in the Firing Line
Bitcoin’s safety net lies in public and private keys. For now, cracking them is near impossible without a supercomputer and a decade to spare. But quantum computers? They could rewrite that script. By working faster and smarter, they could potentially lift private keys straight from public ones—leaving Bitcoin wallets wide open.
According to Project Eleven’s data, over 10 million Bitcoin addresses with public keys on display are currently holding coins. That’s more than 6 million BTC, translating to around $648 billion AUD just sitting there, waiting to be picked clean if quantum tech gets ahead of the game.
Put simply, if quantum tech jumps the gun, billions in digital treasure could vanish without a trace.
Meet Yellowpages—Not Your Old Phone Book
To tackle this, Project Eleven is rolling out a tool called Yellowpages. It’s got nothing to do with flipping through phone directories. Instead, it acts like a digital safe haven. This registry allows users to connect old Bitcoin addresses—vulnerable to quantum threats—to new ones built for the future.
What’s the big idea? Well, if someone does manage to break into an old address using quantum computing, the owner still has a lifeline. Their new wallet, already linked through Yellowpages, proves they’re the rightful owner. It’s like hiding a spare key in a secret spot—only digital.
The system has already been handed over to Cure 53, a well-regarded cybersecurity group, for a full inspection. The final report is on the way, but early signs suggest it’s airtight. At the same time, Project Eleven is chatting with Bitcoin Core developers, working on ways to add these upgrades to the very bones of the network.
The Big Picture—It’s Not Just Techies Who Care
Quantum computing is no longer science fiction or a university side project. Governments are paying attention too. Alex Pruden, Project Eleven’s CEO, says it’s not about if, but when quantum computers hit the jackpot.
That sense of urgency isn’t just talk. The NSA in the U.S. wants all national security systems to be quantum-proof by 2035. They’ve even set a 2027 deadline for new tech to meet quantum safety standards. The National Institute of Standards and Technology (NIST) is also pushing hard for post-quantum cryptography to go mainstream.
If the world’s biggest security agencies are planning ahead, you can bet your bottom dollar this threat isn’t just hot air.
Image 2: (Source: Crypto News)
When Will the Penny Drop?
Trying to guess when quantum computers will become dangerous is like chasing shadows. A RAND Corporation report in 2020 suggested 2033 as a rough timeline—but it could be earlier or later. Others reckon we might see big leaps by 2027, depending on how fast the tech grows.
Recently, Google researchers showed that breaking RSA-2048 encryption—something close in complexity to Bitcoin’s keys—would need about one million qubits running non-stop for a week. Today’s machines are nowhere near that. Most have just a few hundred qubits, meaning we’re not in the danger zone yet, but the race is definitely on.
Meanwhile, traditional supercomputers are still the top dogs when it comes to breaking codes. But with quantum systems improving at a steady clip, it’s only a matter of time before the gap starts closing.
Quantum’s Current Capabilities: Still Small, But Growing
So far, quantum computers have managed to tackle small tasks—cracking 48- or 50-bit problems using a mix of quantum and classical methods. That’s miles off from Bitcoin’s much tougher cryptographic challenges. But every step forward puts more wind in their sails.
Pruden admits that for now, classical machines still rule the roost. But he’s not blind to which way the wind’s blowing. If quantum computers keep growing at this pace, the crypto world will need a serious rethink—and fast.
Looking Ahead Before Trouble Knocks
Project Eleven isn’t waiting for the floodwaters to rise. With fresh funding in the bag and Yellowpages already rolling, they’re building the scaffolding now to avoid disaster later.
By working with Bitcoin developers, pushing out user-friendly tools, and staying one step ahead of cyber crooks, they’re hoping to future-proof digital assets before the storm hits.
Read also: Prenetics Sets New Standard with $20M Bitcoin Strategy and Crypto Industry Powerhouse Board
After all, in the world of crypto, it’s better to dig the well before you’re dying of thirst. And if Project Eleven’s plans hold water, Bitcoin might just stay one step ahead of the quantum curve.
